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VW, Rivian, Nissan, BMW, Genesis, Audi and Volvo lose EV tax credits starting tomorrow

The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. The Treasury said the new requirements effective Tuesday will also cut by half credits for the Tesla Model 3 Standard Range Rear Wheel Drive to $3,750 but other Tesla models will retain the full $7,500 credit. Vehicles losing credits Tuesday are the BMW 330e, BMW X5 xDrive45e, Genesis Electrified GV70, Nissan Leaf , Rivian R1S and R1T, Volkswagen ID.4 as well as the plug-in hybrid electric Audi Q5 TFSI e Quattro and plug-in hybrid (PHEV) electric Volvo S60. The Swedish carmaker is 82%-owned by China’s Zhejiang Geely Holding Group. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and are part of President Joe Biden's effort to make 50% of U.S. new vehicle sales by 2030 EVs or PHEVs. Hyundai said in a statement it was committed to its long-range EV plans and that it "will utilize key provisions in the Inflation Reduction Act to accelerate the transition to electrification." Rivian declined to comment and the other automakers could not immediately be reached for comment. Treasury also disclosed General Motors electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury said all GM EVs will qualify. Earlier, Ford Motor and Chrysler-parent Stellantis said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury confirmed the automakers' calculations. The rules were announced last month and mandated by Congress in August as part of the $430 billion Inflation Reduction Act (IRA). The IRA requires 50% of the value of battery components be produced or assembled in North America to qualify for $3,750, and 40% of the value of critical minerals sourced from the United States or a free trade partner for a $3,750 credit. The law required vehicles to be assembled in North America to qualify for any tax credits, which in August eliminated nearly 70% of eligible models and on Jan. 1 new price caps and limits on buyers income took effect.

2022 GMC Hummer EV No. 001 at Barrett-Jackson brings $2.5 million

This year's Barrett-Jackson auction in Scottsdale, Ariz., played host to a bunch of the first examples of hot new cars: VIN No. 001 of the 2022 GMC Hummer EV, 2022 Cadillac CT5-V Blackwing and CT4-V Blackwing, 2021 Ford Bronco, 2021 Ford Mustang Mach 1 and 2021 Ram 1500 TRX. Every single one of them sold for more than six figures, with all the proceeds of nearly $5 million going to charities, but the big winner was absolutely the Hummer with a hammer price of $2.5 million. The Bronco did nicely, too, with a selling price of $1,075,000. You can see the list of the sale prices from highest to lowest of these first examples below. GMC Hummer EV: $2,500,000 Ford Bronco: $1,075,000 Ford Mustang Mach 1: $500,000 Ram 1500 TRX Launch Edition: $410,000 Cadillac CT5-V Blackwing: $265,000 Cadillac CT4-V Blackwing: $165,000 Despite the Hummer going for $2.5 million, it wasn't the most expensive car to cross the block. That honor goes to a 1966 Shelby Cobra 427 Super Snake that was once owned by Carroll Shelby himself. It sold for $5.5 million, the same price it sold for back in 2007. Nearly as pricey as the Hummer was a restored, numbers-matching 1967 Ferrari 275 GTB/4 that went for $2,475,000. Related video:

Which electric cars can charge at a Tesla Supercharger?

The difference between Tesla charging and non-Tesla charging. Electrify America; Tesla Tesla's advantage has long been its charging technology and Supercharger network. Now, more and more automakers are switching to Tesla's charging tech. But there are a few things non-Tesla drivers need to know about charging at a Tesla station. A lot has hit the news cycle in recent months with regard to electric car drivers and where they can and can't plug in. The key factor in all of that? Whether automakers switched to Tesla's charging standard. More car companies are shifting to Tesla's charging tech in the hopes of boosting their customers' confidence in going electric.  Here's what it boils down to: If you currently drive a Tesla, you can keep charging at Tesla charging locations, which use the company's North American Charging Standard (NACS), which has long served it well. The chargers are thinner, more lightweight and easier to wrangle than other brands.  If you currently drive a non-Tesla EV, you have to charge at a non-Tesla charging station like that of Electrify America or EVgo — which use the Combined Charging System (CCS) — unless you stumble upon a Tesla charger already equipped with the Magic Dock adapter. For years, CCS tech dominated EVs from everyone but Tesla.  Starting next year, if you drive a non-Tesla EV (from the automakers that have announced they'll make the switch), you'll be able to charge at all Supercharger locations with an adapter. And by 2025, EVs from some automakers won't even need an adaptor.  Here's how to charge up, depending on which EV you have:  Ford 2021 Ford Mustang Mach-E. Tim Levin/Insider Ford was the earliest traditional automaker to team up with Tesla for its charging tech. Current Ford EV owners — those driving a Ford electric vehicle already fitted with a CCS port — will be able to use a Tesla-developed adapter to access Tesla Superchargers starting in the spring. That means that, if you own a Mustang Mach-E or Ford F-150 Lightning, you will need the adapter in order to use a Tesla station come 2024. But Ford will equip its future EVs with the NACS port starting in 2025 — eliminating the need for any adapter. Owners of new Ford EVs will be able to pull into a Supercharger station and juice up, no problem. General Motors Cadillac Lyriq. Cadillac GM will also allow its EV drivers to plug into Tesla stations.